Sniper Forex System

[forexkunta]

Hey - nobody died

Yeah, 130 pip loss is a tragedy! LOL

 

[FormulaOneFan]

I have been trading Sniper for about 2.5 months, and within the last 2 weeks have gotten more consistant. I think Ihave gotten more selective about which trades I take. One thing that has helped me very much was the introduction to the Elliot Wave Principle. Take the time to get familar with it and it will help your trading ALOT. Salvador has helped me along the way with EW. Believe it or not, it helps you recognize where you are in a trend, and what to expect according to probabilities.
Trading GBPJPY, using EW, I have learned that after a 5 wave impulse, this pair will almost always retrace to the 50% fib line. Almost always, but sometimes further. The book is a good buy for anyone trading futures, forex or stocks. It truly gives you an advantage. I have read the book 3 times, and will read it pretty often, to keep rules and guidelines in perspective.

Thanks for the information kent. If you don't mind and time permitting could you show us a sample chart and these 5 waves you mentioned here as a example please? It could help us learn. Also the book you mentioned may I know the title and link to the book because when I googled it I came across quiet a few books on elliot wave principles. Thanks ever so much.

 

[forexkunta]

go to elliotwave.com and you will find the info you need. I will have to post a chart tomorrow, it is late here, my live trade just got stopped out for a 5 pip gain. I had it go as high as 80 pips. That really bites. More trades tomorrow.
The title is "The Elliot Wave Principle"


Kent

 

[GumRai]

I just didn't trust that long position, so I didn't go in. GBPJPY signaled a short at around 19:38 and I went in with 2 trades. The first hit TP at 75, the second is still running at around 75 profit. I also went in with a third alittle later that is up around 45. I also went in on my live account and is also up around 45. Been a good trade so far. When the 4H charts are showing a short, I just dont go long, even for a few pips.
Sorry for your loss, but it does happen.

Kent

At the time of the long trade my preferred oscillators were showing coming out of oversold condition.
The candles had moved diagonally upwards across a narrowing bollinger band, from the lower support band, through the MA and just breaching the upper resistance band. Maybe it would have been better to have waited for a close above the resistance band?

Anyway, it did look to me to have the distinct possibility of a good break upwards, it just didn't break the resistance. Things just didn't work out.
If I had not been using Sniper, I would have waited longer before committing to the trade and would have closed if the candles moved back into the bollinger bands.
C'est la vie.

I hope that the GBPJPY continues to work for you - seems like this pair on M30 do develop and hold short term trends consistently. Definitely looking good.

 

[FormulaOneFan]

go to elliotwave.com and you will find the info you need. I will have to post a chart tomorrow, it is late here, my live trade just got stopped out for a 5 pip gain. I had it go as high as 80 pips. That really bites. More trades tomorrow.
The title is "The Elliot Wave Principle"


Kent

cheers mate.

 

[new2fx]

30 min CHART GBYEN sniper are blue. waiting for signal on 1 hr chart and price to close above CPP 154.27 before going long

 

[GumRai]

Would this be an example of developing Elliot wave retraction - today GBPJPY M5 ?

 

[greenfield]

Demoed for 1 week so far

short - went nicely into profit but finished + 10
long - never really went into profit, mostly sideways movement -30
short - at one stage + 60 pips - stopped with -20
long - at one stage + 60 pips, finished -80
short alert last Friday, conditions met Monday, didn't take the trade - at one stage about =150 pips, closed with about 80 pips profit?
yesterday short - went very quickly +20, but then downhill, stopped at -90

Currently, trade in progress (but not with me)
short entry at 1.6330, moved immediately upwards into loss of 30 pips - currently +7

6 deals completed so far, 2 winners, 4 losers - loss of approx. 130 pips

Nb. everyone's entry levels will be slightly different, because they may not be sitting at their computers 24/5.
Individual results will differ because some people are using different stoplosses to those determined by Sniper and exiting at different times.............................

Hello GumRai,
I don't want to become a statistics bore, but these are the figures I have for the last week – they're similar to your's: +9, -29, -22, -50, -19, +53, -83 = -141. It's a pity you didn't start a few day's earlier. The previous trade was +166, the one before that was +187. Though the 4 trades before that were losses. So far for August I make it +193. This is quite a bit below the average month.
Bye,

 

[FormulaOneFan]

Hello GumRai,
I don't want to become a statistics bore, but these are the figures I have for the last week – they're similar to your's: +9, -29, -22, -50, -19, +53, -83 = -141. It's a pity you didn't start a few day's earlier. The previous trade was +166, the one before that was +187. Though the 4 trades before that were losses. So far for August I make it +193. This is quite a bit below the average month.
Bye,

It would be nice to have one of those 160+ trades this week before we hit UK bank holiday weekend.

 

[rossobonks]

It would be nice to have one of those 160+ trades this week before we hit UK bank holiday weekend.

Yesterdays GBP/JPY trade @ 16.00HRS finished off at +150 pippers. You never know which ones are gonna be the runners so you just gotta nail them all and apply your MM strategy to get the most out of it.

Dave

 

[GumRai]

Hello GumRai,
I don't want to become a statistics bore, but these are the figures I have for the last week – they're similar to your's: +9, -29, -22, -50, -19, +53, -83 = -141. It's a pity you didn't start a few day's earlier. The previous trade was +166, the one before that was +187. Though the 4 trades before that were losses. So far for August I make it +193. This is quite a bit below the average month.
Bye,

All trading systems bar none are based on statistics/probabilities, so anyone who finds statistics boring maybe shouldn't be here!
I think that it's great that you have kept such good records and are willing to share them with us. I, for one always find your statistics interesting and informative.
Statistically, 6 trades are irrelevant, and yours show that although 6 trades resulted in a net loss, 7 would have been in profit and 8 a decent profit.
A few trades are just a snapshot thumbnail of the big picture.

 

[forexkunta]

Would this be an example of developing Elliot wave retraction - today GBPJPY M5 ?

Yes, it is almost a classic EW wave form. Still have b and c to go. If you put a Fib chart on that, from bottom of 1 to top of 5, then the entire correction will go from somewhere between the 38.2 and the 61.8% fib lines. G/J most often retraces to the 50% fib, sometimes just a little bit over. But bear in mind, that the waves are not always that easy to count. Especially on the 30M right now.
Kent

 

[GumRai]

Well, the short that was signaled yesterday at the exact time of exit from the losing long is doing quite well now ( not for me though - you have to be in it to win it)
Short was confirmed at 1.6330
Now 1.6265
Low 1.6254 So the system of splitting into 2 lots and taking one profit at 75 (Greenfields) would mean that this is a deal that cannot lose.

I hope that some of you got in on this trade.

 

[forexkunta]

I am still in on G/J from yesterday, at the moment is up around 90 pips. I went in with another trade a few minutes ago, and it is up around 20. This should continue to run short for a while.
Kent

 

[FormulaOneFan]

Well, the short that was signaled yesterday at the exact time of exit from the losing long is doing quite well now ( not for me though - you have to be in it to win it)
Short was confirmed at 1.6330
Now 1.6265
Low 1.6254 So the system of splitting into 2 lots and taking one profit at 75 (Greenfields) would mean that this is a deal that cannot lose.

I hope that some of you got in on this trade.

I missed this one. I wonder when we will see long on GBP/JPY? It would be nice to have a good long in guppy for 160+ It has been going down for the last few days.

 

[GumRai]

Greenfield, I see from your post that you only made 53 pips from the short early in the week - did you get in late?

I've just had an email from Sniper claiming 143 pips profit for that deal,

a decent trend at last. After a fabulous June, July was a major disapointment to say the least. Still, we did make a profit, as we do most months. This is how we caught 143 pips on Cable this week.

August has turned out to be a pretty good month, what are you waiting for?

In the email, Sniper claims entry at 1.6510
Exit at 1.6421

Now when I was at my maths lessons back in my schooldays, I would have made that 89 pips not 143.

This does suggest that you can take the results posted on the website with a pinch of salt.
I believe Greenfield's results and they seem good enough, but I would advise anyone not to expect the fantastic results claimed on the website.

 

[forexkunta]

Greenfield, I see from your post that you only made 53 pips from the short early in the week - did you get in late?

I've just had an email from Sniper claiming 143 pips profit for that deal,



In the email, Sniper claims entry at 1.6510
Exit at 1.6421

Now when I was at my maths lessons back in my schooldays, I would have made that 89 pips not 143.

This does suggest that you can take the results posted on the website with a pinch of salt.
I believe Greenfield's results and they seem good enough, but I would advise anyone not to expect the fantastic results claimed on the website.

I don't know about the fantastic results on the website, but so far this week I have 7 closed trades with 355 pips profit. I think the more experience you have with Sniper, the better you can trade.
Kent

 

[trendie]

Greenfield, I see from your post that you only made 53 pips from the short early in the week - did you get in late?

I've just had an email from Sniper claiming 143 pips profit for that deal,



In the email, Sniper claims entry at 1.6510
Exit at 1.6421

Now when I was at my maths lessons back in my schooldays, I would have made that 89 pips not 143.

This does suggest that you can take the results posted on the website with a pinch of salt.
I believe Greenfield's results and they seem good enough, but I would advise anyone not to expect the fantastic results claimed on the website.

I got that email as well.
Was pondering it.
If you scroll down to the bottom, he shows a screenshot of 2 trades.

One shorts at 1.6393 and closes at 1.6421.
The other shorts at 1.6510 and closes at 1.6395.

The first results in a loss of 28 pips. (although screenshot doesnt show a minus sign)
Second results in a gain of 115 pips.

I wonder if he has added 28 to 115 and got 143?

 

[poisonivy0]

knowing when to exit is my bigest problem with this system.
we could do with another indicator that could spot a potenional reverse so we can exit with maximum profits

 

[forexkunta]

knowing when to exit is my bigest problem with this system.
we could do with another indicator that could spot a potenional reverse so we can exit with maximum profits

I have been using the ADX indicator and Elliot Wave theory for this purpose.
Kent